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Politics : Formerly About Applied Materials
AMAT 327.01+2.5%Jan 16 9:30 AM EST
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To: Katherine Derbyshire who wrote (49115)7/12/2001 2:29:51 PM
From: Ian@SI  Read Replies (3) of 70976
 
Katherine,

Slightly unfair to the LTCM folk. Their model worked very well for the first couple years or so. As they scooped up nickles left lying on a whole lot of tables globally. And the model might have continued to work for a very long time if the institutions that were handling LTCM's trades hadn't decided this was too lucrative to pass up. So they, in turn, began copying LTCM's practices. It was at that point that any semblance of control vanished; and a global financial system collapse was barely averted.

Essentially, some of the finest financial minds in the world, through their blind greed, came very close to creating a massive disaster. Those of us who have lost a few shekels in the high tech sector can feel like absolute wizards, by comparison. ;^)

FWIW,
Ian
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